Benecol and Sugar Puffs owner Raisio today (14 February) reported higher annual profits on the back of expansion in the UK.
Raisio booked EBITDA, excluding one-off items, of EUR48.8m (US$64.4m) for 2011, up 42.3% on the year. The company, which also manufactures Fox’s confectionery, filed a 65.6% jump in underlying EBIT to EUR31.8m. Net profit more than doubled from EUR12.2m to EUR25.5m.
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The increased profits came after a 31% rise in net sales to EUR552.6m, which Raisio said was due to the acquisition of Sugar Puffs and Fox’s confectionery owner Big Bear Group last year and the benefit of “volatile” raw material costs on the prices of its products.
“Over the last five years, Raisio has undergone a major transformation successfully. The loss-making company has grown into the most profitable and international listed food company in Finland,” CEO Matti Rihko said.
He added that Raisio had seen a “steady improvement” in its results. “I think this steady improvement in the constantly changing environment shows that we have chosen the right path and been able to implement our strategy successfully. [The] EBIT percentage of net sales profitability of our brands division bears comparison even with large multinational food companies,” he said.
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